Haverhill City Council in Massachusetts is considering a ban on cryptocurrency ATMs following a proposal aimed at reducing fraud and financial crime risks.
The ordinance, introduced by Mayor Melinda E. Barrett, would require all crypto ATMs to be removed within 60 days or face fines of $300 per day, after receiving unanimous preliminary support from council members.
City officials said the move targets risks including “financial fraud, money laundering and lack of recourse” for users, particularly in the absence of comprehensive state or federal regulation.
The proposal reflects a broader trend across US jurisdictions, with lawmakers increasingly targeting crypto kiosks linked to scams and illicit activity, including a similar legislative push in Minnesota.
Data suggests there are at least eight crypto ATMs operating in the Haverhill area, highlighting the potential scale of the local impact if the ban is enforced.
The scrutiny comes as Bitcoin Depot, one of the largest US crypto ATM operators, faces mounting pressure from regulators and legal challenges tied to alleged scam facilitation.
Bitcoin Depot shares have fallen more than 90% over the past six months and were trading at $2.06 on Nasdaq, following leadership changes and enforcement actions in multiple states.
At the time of reporting, Bitcoin price was $67,885.79.